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Hilton Introduces Board Of Directors For Park Hotels & Resorts

As Hilton Worldwide Holdings Inc. (NYSE: HLT) ("Hilton") prepares to spin off the bulk of its real estate and timeshare businesses into two separate publicly traded companies, the company is proud to introduce the expected...

As Hilton Worldwide Holdings Inc. (NYSE: HLT) ("Hilton") prepares to spin off the bulk of its real estate and timeshare businesses into two separate publicly traded companies, the company is proud to introduce the expected members of the Board of Directors of Park Hotels & Resorts Inc. ("Park"). After a comprehensive review of personal and professional qualifications, directors were chosen based upon the specific needs of Park.

Upon completion of the spin-off, expected at or around year-end, Park will be one of the largest lodging real estate companies, with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. The portfolio will consist of 67 premium-branded hotels and resorts with over 35,000 rooms located in prime U.S. and international markets with high barriers to entry.

Hilton will continue to be led by the current president and chief executive officer (CEO), Christopher J. Nassetta. At this time, there are no planned changes to the Hilton Board of Directors as a result of the spin-off.

Thomas J. Baltimore, Jr., who was appointed to the position of president and CEO in April 2016, will lead Park and is expected to serve as chairman of the Board of Directors. The Park Board will go into effect upon completion of the spin-off.

Following the previously announced equity investment by HNA Group in Hilton, HNA Group will maintain both its stockholders agreement and equity in Park upon completion of the transaction, which is expected to close in the first quarter of 2017.

"The Board of Directors for Park Hotels & Resorts will comprise industry leaders with complementary experience who understand how to govern a public company," said Christopher J. Nassetta, president and CEO, Hilton. "I am thrilled with the caliber of individuals selected, and I believe they will help position Park for success as an independent organization."

"This is an important milestone for Park Hotels & Resorts as we prepare to spin-off from Hilton," added Thomas J. Baltimore, Jr., president and CEO, Park Hotels & Resorts. "The assembled directors have the business acumen and significant experience necessary to support Park's long-term strategy. I look forward to working with the Board to deliver long-term value to our shareholders."

The Park Hotels & Resorts Board of Directors is expected to include:

Thomas J. Baltimore, Jr.

Baltimore will be the chairman, president and chief executive officer of Park Hotels & Resorts Inc. Baltimore most recently served as the president and chief executive officer of RLJ Lodging Trust and as a member of its board of trustees from January 2011 to May 2016. Prior to that, Baltimore co-founded RLJ Development and served as its president from 2000 to 2011. Previously, Baltimore served as vice president of gaming acquisitions of Hilton Hotels Corporation and later as vice president of development and finance. Baltimore also worked previously in various management positions with Marriott Corporation and Host Marriott Services Corporation. Baltimore serves as a director of Prudential Financial, Inc. and Duke Realty Corporation.

Patricia M. Bedient

Bedient is the retired executive vice president and chief financial officer of Weyerhaeuser Co., one of the world's largest integrated forest products companies. Bedient joined Weyerhauser in 2003, and served in various roles including senior vice president, finance and strategic planning during her tenure. Prior to joining Weyerhauser, Bedient, a certified public accountant, spent 27 years with Arthur Andersen LLP. Bedient currently serves on the boards of Alaska Air Group Inc. and Suncor Energy Inc.

Gordon M. Bethune

Bethune is the retired chairman of the board and chief executive officer of Continental Airlines, having been with the company from 1994 until his retirement in 2004. Prior to his tenure at Continental, Bethune held senior management positions with The Boeing Company, Piedmont Airlines, Inc., Western Airlines, Inc. and Braniff Airlines. Bethune currently serves on the board of directors of Sprint Corporation. Bethune is expected to serve as the lead independent director of Park.

Robert G. Harper

Harper currently serves as head of U.S. Asset Management for the Blackstone real estate group. Harper has previously worked for Blackstone in Los Angeles and London, where he served as head of Europe for the Blackstone Real Estate Debt Strategies business. Harper joined Blackstone in 2002, and previously held positions with Morgan Stanley's real estate private equity group. Harper currently serves as a director of ESH Hospitality, Inc.

Tyler S. Henritze

Henritze has served as senior managing director in the real estate group for The Blackstone Group L.P. since January 2013 and is currently the co-head of U.S. Acquisitions for Blackstone. Before joining Blackstone in 2004, Henritze worked at Merrill Lynch in the real estate investment banking group. He currently serves on the board of directors of The Cosmopolitan of Las Vegas, Motel 6 and BRE Select Hotel Corp, and previously served on the board of directors of Hilton Worldwide Holdings Inc. and La Quinta.

Christie B. Kelly

Since 2013, Kelly has served as executive vice president and chief financial officer of Jones Lang LaSalle Incorporated. Prior to her tenure at JLL, Kelly served as executive vice president and chief financial officer of Duke Realty Corporation from 2009 until June 2013. Prior to Duke, Kelly served as senior vice president, global real estate at Lehman Brothers, where she led real estate equity syndication in the United States and Canada. Kelly currently serves on the board of directors of Kite Realty Group Trust. Kelly is expected to serve as the chair of Park's Audit Committee.

Sen. Joseph I. Lieberman

Senator Lieberman is a senior counsel with Kasowitz Benson Torres & Friedman LLP. Prior to joining Kasowitz, Senator Lieberman served 24 years in the U.S. Senate, retiring in January 2013 following the end of his fourth term. Senator Lieberman served as chairman of the Committee on Homeland Security and Government Affairs and helped shape legislation in areas of public policy including national and homeland security, foreign policy, fiscal policy, environmental protection, human rights, health care, trade, energy, cyber security and taxes. Prior to being elected to the U.S. Senate, Senator Lieberman served as the attorney general of the State of Connecticut from 1983 until 1988.

Timothy J. Naughton

Naughton is the chairman, chief executive officer and president of AvalonBay Communities, Inc. Naughton has served as chairman of the board of AvalonBay since May 2013, as chief executive officer since January 2012, and as president since February 2005. Naughton currently serves on the board of directors of Welltower Inc., serves as an officer of the National Association of Real Estate Investment Trusts, is a member of The Real Estate Round Table, is a member and past chairman of the Multifamily Council of the Urban Land Institute and is a member of the National Multi-Housing Council, where he serves on the Executive Committee. Naughton is expected to serve as the chair of Park's Nominating and Corporate Governance Committee.

Stephen I. Sadove

Sadove has served as a founding partner of JW Levin Management Partners LLC, a private management and investment firm, since 2015. Sadove also serves as principal of Stephen Sadove and Associates, which provides consulting services to the retail industry, since 2014. From 2007 until 2013, Sadove served as chairman and chief executive officer of Saks Incorporated. Prior to his tenure with Saks, Sadove served Bristol-Meyers Squibb Company from 1991 until 2001, as president. Sadove currently serves on the board of directors of Colgate-Palmolive Company, Ruby Tuesday, Inc. and Aramark. He also serves as the chairman of the Board of Trustees of Hamilton College. Sadove is expected to serve as the chair of Park's Compensation Committee.

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company, comprising more than 4,800 managed, franchised, owned and leased hotels and timeshare properties with nearly 789,000 rooms in 104 countries and territories. For 97 years, Hilton has been dedicated to continuing its tradition of providing exceptional guest experiences. The company's portfolio of 13 world-class global brands includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio - A Collection by Hilton, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonors®. Hilton HHonors members who book directly through preferred Hilton channels have access to benefits including an exclusive member discount, free standard Wi-Fi, as well as digital amenities that are available exclusively through the industry-leading Hilton HHonors app, where Hilton HHonors members can check-in, choose their room, and access their room using a Digital Key. Visit news.hiltonworldwide.com for more information and connect with Hilton on Facebook, Twitter, YouTube, Flickr, LinkedIn and Instagram.

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